A Drill Bit refers to a cutting tool used to cut or crush rocks. Everything present on drilling rigs assists the bit directly or indirectly in cutting or crushing the rocks. Drill bits are attached to a drill in order to create holes and power them for cutting through the workpiece, typically by rotation. They come in different sizes and shapes and can create multiple kinds of holes. By selecting the proper drill bit, the hole-making productivity on concrete land can be increased. Drilling bit represents the heart of drill string; it crushes the rock under the action of WOB and RPM, flushing away chippings with mud, this process results in a drill hole

Until last year the news headlines like – “The offshore drilling market has deteriorated in line with falling oil prices” were making rounds in the News World. However, Market Research Future confirms that it is a thing of the past. In a recently published, deep drilling study report on Global Drill Bits Market; pointing to the latest trends which will provide impetus to the growth of the market, MRFR asserts that the global Drill Bits Market will witness an extensive growth.

The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling bits. Moreover, continuous development of offshore reserves and rising deep water production are likely to positively influence the growth of the global drilling Bits market. Increasing demand for energy has been a major factor in the significant growth of the drill bits market in recent times. Furthermore the recent expansion and exploratory activities undertaken across the globe and Migration of drilling into unconventional areas are expected to positively influence the Drill Bits market. However Lack of skilled labors is going to act as a hurdle in the growth of the Drill Bits Market coupled with declined investments in oil and gas industry, which will act as a major barrier to the growth of the market, states the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 110 pages.

Drill Bits Market is highly competitive and fragmented with a numerous key players operating at global level. Well established players incorporate acquisition, collaboration, partnership, expansion, product & technology launch in order to gain competitive advantage in this market and to maintain their market position. Some regional vendors are focusing on the development of innovative products and technologies, which acts as a challenger to the other players in the market.

There are basically three types of drilling bits – Drag Bits, Roller Cone Bits and Diamond Bits. Drag bits were the first bits used in rotary drilling but are no longer in common use. A drag bit consists of rigid steel blades shaped like a fish-tail which rotate as a single unit. These simple designs were used up to 1900 to successfully drill through soft formations. Since then a number of mechanical (Design) technological innovations have taken place in the world of Drilling Bits. Such as; PDC Drill Bits to achieve maximum performance in a defined application. Roller Cone Drill Bits, a Three-cone bit maximizes performance in a defined application. Products include TCI bits and steel tooth bits for the toughest drilling applications. Hole Enlargement Technologies and Hybrid Drill Bit Technology. While improvements in cutter and matrix design have delivered significant advantages, bit hydraulics play a major role in achieving drilling efficiency. Unless cuttings are properly swept from the rock face, and unless there is adequate junk slot area to conduct them up and away from the bit, valuable energy is wasted re-grinding the cuttings instead of breaking new rock. The ability to tie all bit design parameters together and consider them collectively as a system has been provided by powerful design software and CAD-CAM renderings that can create customized designs and configurations to solve specific drilling challenges. Most bit manufacturers use these programs extensively. A key feature of bit design software is simulation. Engineers can enter or modify virtually any parameter and simulate the result.

North America is expected to dominate the drill bits market mainly due to the technological development and the significant increase in the onshore and offshore exploratory activities. North America will be the major revenue contributor to the market during the anticipated period. Factors such as the constant demand for crude oil from the North American countries such as the US, Canada, and Mexico that induces the production of crude oil from unconventional resources such as shale formations and the increasing support from the governments of countries such as the US towards off-shore drilling, will boost the market’s growth prospects in North America. Europe and Asia-Pacific are the other leading regions mainly due to the increasing demand for energy and power in these regions.

The report for Drill BitsMarket of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.